Teleflex sells share of company to GE

Limerick-based Teleflex Inc., which makes devices for the medical and aerospace fields, announced today that it is selling its 51 percent share in Airfoil Technologies International - Singapore Pte. Ltd. to General Electric Co. for $300 million.

The operation had been a joint venture between GE and Teleflex.

Teleflex said in a release that it expects a pre-tax gain of more than $250 million, and plans to use the net proceeds mainly to pay down debt. The company said this should result in a debt-to-total capital ratio below 50 percent.

Pending regulatory approvals, the transaction is expected to close by the end of the first quarter.

"We have enjoyed our long-term partnership with GE in this venture and are pleased to have structured a transaction that allows us to further reduce our outstanding debt and focus on our important growth objectives," said Jeffrey P. Black, Teleflex chairman and chief executive officer.

The company reported fourth-quarter earnings last week, showing that, excluding special charges, income from continuing operations increased 47 percent, to $41.4 million, or $1.04 per share, in the fourth quarter, compared with $28.1 million, or 71 cents per share, in the comparable quarter a year earlier.